Michio Morishima
Encyclopedia
was a Japan
ese economist
, mathematician
and econometrician, who was a faculty member at the London School of Economics
from 1970-88 as the Sir John Hicks Professor of Economics. He was also emeritus professor of Osaka University
and a member of the British Academy
.
He was a recipient of the Order of the Rising Sun
, the highest civilian honour of Japan.
He studied economics
and sociology
under Yasuma Takada
.In 1946 he graduated Kyoto University
and taught at Kyoto University
and Osaka University. And he established Institute of Social and Economic Research (ISER) of Osaka University with Yasuma Takada
. In 1968, he went to Britain
and taught at University of Essex
, LSE.
In 1960 he established with Nobel-laurete Lawrence R. Klein from the Economics Department
of the University of Pennsylvania
the International Economic Review
(today published by Penn), which grew to become one of the leading journals in economics in the world. In 1965, he became the first Japanese president of the Econometric Society
. It is said that the most enthusiastic supporter of Morishima was John Hicks
.
He was the originator of the project that resulted in the establishment of the Suntory
-Toyota Foundation and the Suntory and Toyota International Centres for Economic and Related Disciplines (STICERD) at LSE. He was STICERD's first chairman. In 1991 he was elected an Honorary Fellow of the LSE.
's 1937 multi-sectoral growth model to a general equilibrium model. His research reviewed the works of Marx
and Walras
. Considering the work of these theorists to be Ricardian
, his research worked to show that the modification of them along von Neumann lines elucidates the theoretical similarities and differences between the positions.
His publications included Equilibrium, Stability and Growth (1964), Theory of Economic Growth (1969), Marx's Economics (1973), The Economic Theory of Modern Society (1976), Why has Japan 'succeeded'? (1982), and The Economics of Industrial Society (1984).
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
ese economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
, mathematician
Mathematician
A mathematician is a person whose primary area of study is the field of mathematics. Mathematicians are concerned with quantity, structure, space, and change....
and econometrician, who was a faculty member at the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
from 1970-88 as the Sir John Hicks Professor of Economics. He was also emeritus professor of Osaka University
Osaka University
, or , is a major national university located in Osaka, Japan. It is the sixth oldest university in Japan as the Osaka Prefectural Medical College, and formerly one of the Imperial Universities of Japan...
and a member of the British Academy
British Academy
The British Academy is the United Kingdom's national body for the humanities and the social sciences. Its purpose is to inspire, recognise and support excellence in the humanities and social sciences, throughout the UK and internationally, and to champion their role and value.It receives an annual...
.
He was a recipient of the Order of the Rising Sun
Order of the Rising Sun
The is a Japanese order, established in 1875 by Emperor Meiji of Japan. The Order was the first national decoration awarded by the Japanese Government, created on April 10, 1875 by decree of the Council of State. The badge features rays of sunlight from the rising sun...
, the highest civilian honour of Japan.
He studied economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
and sociology
Sociology
Sociology is the study of society. It is a social science—a term with which it is sometimes synonymous—which uses various methods of empirical investigation and critical analysis to develop a body of knowledge about human social activity...
under Yasuma Takada
Yasuma Takada
was an influential sociologist and economist and is most widely known for his power theory of economics.Takada was born in the village of Toutoumi, Ogi District, Saga Prefecture, Japan, part of what is now the City of Ogi. In July 1910 he graduated from Kyoto Imperial University. He started...
.In 1946 he graduated Kyoto University
Kyoto University
, or is a national university located in Kyoto, Japan. It is the second oldest Japanese university, and formerly one of Japan's Imperial Universities.- History :...
and taught at Kyoto University
Kyoto University
, or is a national university located in Kyoto, Japan. It is the second oldest Japanese university, and formerly one of Japan's Imperial Universities.- History :...
and Osaka University. And he established Institute of Social and Economic Research (ISER) of Osaka University with Yasuma Takada
Yasuma Takada
was an influential sociologist and economist and is most widely known for his power theory of economics.Takada was born in the village of Toutoumi, Ogi District, Saga Prefecture, Japan, part of what is now the City of Ogi. In July 1910 he graduated from Kyoto Imperial University. He started...
. In 1968, he went to Britain
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and taught at University of Essex
University of Essex
The University of Essex is a British campus university whose original and largest campus is near the town of Colchester, England. Established in 1963 and receiving its Royal Charter in 1965...
, LSE.
In 1960 he established with Nobel-laurete Lawrence R. Klein from the Economics Department
University of Pennsylvania Economics Department
The Economics Department of the University of Pennsylvania is part of the school's Arts and Sciences division. Its undergraduate program is one of the largest in the School of Arts and Sciences. It also offers graduate courses leading to a Ph.D. in economics...
of the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
the International Economic Review
International Economic Review
The International Economic Review, is a quarterly peer-reviewed scientific journal in economics published by the Economics Department of the University of Pennsylvania and Osaka University...
(today published by Penn), which grew to become one of the leading journals in economics in the world. In 1965, he became the first Japanese president of the Econometric Society
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
. It is said that the most enthusiastic supporter of Morishima was John Hicks
John Hicks
Sir John Richard Hicks was a British economist and one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS/LM model , which...
.
He was the originator of the project that resulted in the establishment of the Suntory
Suntory
is a Japanese brewing and distilling company group. Established in 1899, it is one of the oldest companies in the distribution of alcoholic beverages in Japan. Its business has expanded to other fields, and the company now offers everything from soft drinks to sandwich chains...
-Toyota Foundation and the Suntory and Toyota International Centres for Economic and Related Disciplines (STICERD) at LSE. He was STICERD's first chairman. In 1991 he was elected an Honorary Fellow of the LSE.
Research
His principal interests were in general equilibrium theory, the history of economic thought, and capitalist economic systems. Morishima's economic theory worked towards the accommodation of von NeumannJohn von Neumann
John von Neumann was a Hungarian-American mathematician and polymath who made major contributions to a vast number of fields, including set theory, functional analysis, quantum mechanics, ergodic theory, geometry, fluid dynamics, economics and game theory, computer science, numerical analysis,...
's 1937 multi-sectoral growth model to a general equilibrium model. His research reviewed the works of Marx
Karl Marx
Karl Heinrich Marx was a German philosopher, economist, sociologist, historian, journalist, and revolutionary socialist. His ideas played a significant role in the development of social science and the socialist political movement...
and Walras
Léon Walras
Marie-Esprit-Léon Walras was a French mathematical economist associated with the creation of the general equilibrium theory.-Life and career:...
. Considering the work of these theorists to be Ricardian
David Ricardo
David Ricardo was an English political economist, often credited with systematising economics, and was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and John Stuart Mill. He was also a member of Parliament, businessman, financier and speculator,...
, his research worked to show that the modification of them along von Neumann lines elucidates the theoretical similarities and differences between the positions.
His publications included Equilibrium, Stability and Growth (1964), Theory of Economic Growth (1969), Marx's Economics (1973), The Economic Theory of Modern Society (1976), Why has Japan 'succeeded'? (1982), and The Economics of Industrial Society (1984).
Professional experience
- 1948 - Assistant at Kyoto UniversityKyoto University, or is a national university located in Kyoto, Japan. It is the second oldest Japanese university, and formerly one of Japan's Imperial Universities.- History :...
- 1950 - Lecturer at Kyoto University
- 1950 - Assistant professor at Kyoto University
- 1951 - Assosiate professor at Osaka UniversityOsaka University, or , is a major national university located in Osaka, Japan. It is the sixth oldest university in Japan as the Osaka Prefectural Medical College, and formerly one of the Imperial Universities of Japan...
- 1963 - Professor of Economics at Osaka University
- 1966 - Professor of ISER (Institute of Social and Economic *Research) at Osaka University
- 1968 - Visiting professor at University of EssexUniversity of EssexThe University of Essex is a British campus university whose original and largest campus is near the town of Colchester, England. Established in 1963 and receiving its Royal Charter in 1965...
- 1969 - Keynes visiting professor at University of Essex
- 1970 - Professor at London School of EconomicsLondon School of EconomicsThe London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
- 1982 - Sir John HicksJohn HicksSir John Richard Hicks was a British economist and one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS/LM model , which...
professor at London school of Economics
Publications
Major works of Michio Morishima- "On the Laws of Change of the Price System in an Economy which Contains Complementary Goods", 1952, Osaka EP.
- "Consumer Behavior and Liquidity Preference", 1952, Econometrica.
- "An Analysis of the Capitalist Process of Reproduction", 1956, Metroeconomica.
- "Notes on the Theory of Stability of Multiple Exchange", 1957, RES.
- "A Contribution to the Non-Linear Theory of the Trade Cycle", 1958, ZfN.
- "A Dynamic Analysis of Structural Change in a Leontief Model", 1958, Economica.
- "Prices Interest and Profits in a Dynamic Leontief System", 1958, Econometrica.
- "Some Properties of a Dynamic Leontief System with a Spectrum of Techniques", 1959, Econometrica.
- "Existence of Solution to the Walrasian System of Capital Formation and Credit", 1960, ZfN.
- "On the Three Hicksian Laws of Comparative Statics", 1960, RES.
- "A Reconsideration of the Walras-Cassel-Leontief Model of General Equilibrium", 1960, in Arrow, Karlin and Suppes, editors, Mathematical Methods in the Social Sciences.
- "Economic Expansion and the Interest Rate in Generalized von Neumann Models", 1960, Econometrica.
- "Proof of a Turnpike Theorem: The `No Joint Production' Case", 1961, RES.
- "Aggregation in Leontief Matrices and the Labor Theory of Value", with F. Seton, 1961, Econometrica.
- "Generalizations of the Frobenius-Wielandt Theorems for Non- Negative Square Matrices", 1961, J of London Mathematical Society.
- "The Stability of Exchange Equilibrium: An alternative approach", 1962, IER.
- Equilibrium, Stability and Growth: A multi-sectoral analysis, 1964.
- "A Refutation of the Non-Switching Theorem", 1966, QJE.
- "A Few Suggestions on the Theory of Elasticity", 1967, Keizai Hyoron
- Theory of Economic Growth, 1969.
- "A Generalization of the Gross Substitute System", 1970, RES.
- "Consumption-Investment Frontier, Wage-Profit Frontier and the von Neumann Growth Equilibrium", 1971, ZfN.
- The Working of Econometric Models, (in collaboration with Y. Murata, T. Nosse and M. Saito), 1972.
- Marx's Economics: A dual theory of value and growth, 1973.
- Theory of Demand: Real and monetary, with co-authors, 1973.
- The Economic Theory of Modern Society, 1973.
- "The Frobenius Theorem, Its Solow-Samuelson Extension and the Kuhn-Tucker Theorem", with T. Fujimoto, 1974, JMathE.
- Walras's Economics: A pure theory of capital and money, 1977.
- Value, Exploitation and Growth, with G. Catephores, 1978.
- "The Cournot-Walras Arbitrage Resource Consuming Exchange and Competitive Equilibrium", with M. Majumdar, 1978, in Hommage a Francois Perroux. *Why Has Japan Succeeded? Western technology and the Japanese ethos, 1982.
- "The Good and Bad Uses of Mathematics", 1984, in Wiles and Routh, editors, Economics in Disarray.
- The Economics of Industrial Society, 1984.
- Ricardo's Economics, 1989.
- "General Equilibrium Theory in the 21st Century", 1991, EJ.
- Capital and Credit: A new formulation of general equilibrium theory, 1992.
- "Capital and Growth", 1994, in Homouda, The Legacy of Hicks.
- Dynamic Economic Theory, 1996.
- Why Will Japan Collapse?, 1999.